Sigma Broking has appointed former UK head of ED&F Man Capital Markets Gary Pettit as the London-based firm’s chief executive just over one year after he left ED&F Man’s brokerage arm.

Sigma Broking, which became in October 2021 the LME’s first new ring-dealing member in years, said on Monday that Pettit has been appointed as chief executive after securing approval from the Financial Conduct Authority. 

Sigma’s founder Matthew Kent said: “The decision to appoint Gary is at the heart of the reorganisation of the Sigma Group, creating a clearly defined group structure with the platform to support our ambitious growth plans.”

Pettit’s appointment is part of a re-structuring at the British group that has seen former Sigma Broking chief executive David Mudie become global chief executive of Sigma Private Office, the firm’s newer wealth management division. 

Kent added: “Gary has the perfect combination of extensive market experience, a superb leadership style and a proven track record in creating the culture and structures needed to build a scaleable business.”

Pettit has 35 years of broking experience, having spent nearly eight years at ED&F Man Capital Markets before leaving in late 2022.

Before ED&F, Pettit was global head of financial futures and options at ICAP for three years, the global head of financial futures and options at MF Global for four years and a futures broker at Credit Agricole after three years on the Liffe floor with Refco.

Sigma Broking said Pettit joined the firm as a consultant in January 2023 and is now charged as CEO with expanding its products and client list in equities, fixed income, energy, carbon, base metals, and agricultural and soft commodities.

Pettit said: “I am excited about leading this next chapter in Sigma Broking’s evolution. Its team has decades of experience in the global financial markets and the business is one of only eight Category 1 Ring Dealing members of the London Metal Exchange.

He added: “My focus is now to help Sigma Broking achieve its full potential utilising its technologies, data and industry insights to drive innovation and deliver the best possible results for its customers.”

Pettit resigned as UK chief executive of ED&F Man Capital Markets in June 2022, as first reported by FOW, less than a month after the ED&F brokerage arm was reported to be in sales talks with rival Marex.

Pettit is also an active and vocal ambassador for Prostate Cancer UK, having survived that cancer himself more than ten years ago. He spoke to FOW in 2020 about his experience and stressed the importance of men in their 40s and 50s getting themselves tested for prostate cancer.